In This Article:
After a prolonged bull run, many stocks seem to be taking a break lately.
Several high-flying tech stocks have already entered correction territory.
Could this be a “buy the dip” opportunity for investors who were previously standing on the sidelines?
Well, not all stocks are the same. But according to Goldman Sachs, plenty of companies are worth buying at their current prices.
Here’s a look at three stocks that recently received “buy” ratings from the Wall Street giant. You might want to pounce on one of them with some of your extra cash.
Marvell Technology (MRVL)
Chipmakers are firing on all cylinders this year, and Marvell Technology has enjoyed a nice rally. From May to November, shares of the Wilmington, Delaware-based semiconductor company climbed a whopping 60%.
But that could just be a start. Marvell reported third quarter earnings Dec. 2. In the following trading session, the stock shot up 17.7%.
Revenue for the quarter grew 61% year-over-year to $1.21 billion. Adjusted earnings per share improved 72% from a year ago to 43 cents.
A nice post-earnings pop brought Marvell’s share price to about $84. But Goldman Sachs sees more upside ahead.
The bank upgraded Marvell from “neutral” to “buy” on Dec. 3 and raised its price target to $95.
Snowflake (SNOW)
Many consider big data to be the next big thing. And that’s where Snowflake found its opportunity.
The cloud-based data warehousing company, founded in 2012, serves thousands of customers across a wide range of industries, including 223 of the Fortune 500.
Snowflake has received more investor attention and now commands a market cap of over $100 billion.
In the three months ended Oct. 31, revenue surged 110% year-over-year to $334.4 million. Notably, net revenue retention rate was a solid 173%.
The company continued to score large customer wins. It now has 148 customers with trailing 12-month product revenue of more than $1 million, compared to 65 such customers a year ago.
Last week, Goldman Sachs raised the price target on Snowflake from $340 to $390 and maintained its “buy” rating for the company.
Snowflake has traded recently at about $340 to $360 per share. But you can get a piece of the company using a popular stock trading app that allows you to buy fractions of shares with as much money as you’re willing to spend.
Weave Communications (WEAV)
With a market cap of roughly $1 billion, Weave Communications is substantially smaller than the names mentioned above. But according to Goldman, it could be one of the biggest opportunities in the market.
Weave offers an all-in-one customer communications platform for small businesses. The platform helps those operations attract, communicate with, and engage customers to grow their business.